"The years leading up to 2007 were an espejismo in terms of work and fee levels," says Manuel Martin, managing partner of Gomez-Acebo & Pombo. "We are still adjusting to the new normal. But whereas two years ago nobody was thinking about Spain as a good place to invest, now it is completely different."
The Spanish word espejismo translates as 'mirage'. In an economy that was grossly inflated by a real estate bubble and attendant bank lending, Spain's independent law firms are looking to rebuild their future on more solid foundations.
Full recovery may still be on the very distant horizon, yet the recent decision by Fitch – upgrading the outlook on Spain's credit rating – points to a convergence between the French and Spanish economies. Small comfort, but a step in the right direction.

By Legal Week|November 28, 2013 at 07:03 PM

X

Share with Email

sending now...

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Spanish law firms have had to slim down since the economic crisis hit the country, but increases in tax, labour and real estate work and a renewed focus on South America may see confidence return to the market, says Dominic Carman

This premium content is reserved forLegal Week Subscribers.Subscribe today and get 10% off.

A PREMIUM SUBSCRIPTION PROVIDES:

Trusted insight, news and analysis from the UK and across the globe

Connections to senior business lawyers within the leading law firms and legal departments

Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings

More from ALM

From Data to Decisions

Exclusive Depth and Reach.

Legal Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALM’s deep bench of proprietary information to provide insights that can’t be found anywhere else.

Big Pictures and Fine Details

Legal Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms’ financials, staffing, clients, news and events.

[ON-DEMAND] Join Matt Starosciak - attorney, consultant and author of The Lawyer Marketing Book - as he outlines the importance, process, and specific challenges associated with managing a law firm's online reputation.

Legal Week Newsletters & Alerts

Sign Up Today and Never Miss Another Story.

As part of your subscription, you can sign up for an unlimited number of a wide range of complimentary newsletters and alerts. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.